Building Permits Nearing New Peaks

Shovels were in the ground and building permits were on the verge of going up at encouraging levels last month, according to figures released Christmas Eve by Statistics Canada.

The agency said the total value of building permits rose 12.9% to $9.4 billion in November, the third highest value on record—with the highest value having been reached in April 2019.

The nation's number crunchers go on to say much of the growth was led by large permits for multi-family dwellings in British Columbia and Ontario, and an office building in Toronto.

The agency said the value of residential permits rose to new heights in November, increasing 10% to $6.4 billion and breaking the previous record set in September 2020. Every province posted gains in this sector, except for Nova Scotia and Prince Edward Island, which reported slight declines.

British Columbia led the way with a 27.8% increase, while Ontario has shown strength in each of the last four months, at or near record levels for the province.